In times of uncertainty, people will buy gold stocks because it is considered a safe-haven investment. Many gold penny stocks have been hitting new highs in July; this could be due to a lot of factors such as the US-China trade war.
Other things like rate cuts or simply just market uncertainty can dramatically impact the outlook for gold prices. The latest reversal has also created opportunities in gold penny stocks. As the price of this precious metal continues to climb, here is a look at some of the top penny stocks to watch:
Gold Penny Stock To Watch #1: Yamana Gold Inc. (YRI.TO)
Yamana Gold (YRI Stock Report) is a Canada-based gold miner operating mines in Brazil, Chile, Argentina, and Mexico. It also holds stakes in the Canadian Malartic mine. Total production in 2018 was roughly 940,000 gold ounces, 8 million silver ounces, and 125 million pounds of copper. In 2019, Yamana Gold expects to deliver gold production of 940,000 ounces of gold, 10.0 million ounces of silver and 120 million pounds of copper.
Yamana Gold stock is one of the top gold penny stocks to watch in July as it is more volatile than the market. The recent trading session had Yamana stock rise $0.23 over a week and surge $0.3 from the price around 20 days ago. The one-year price forecast for YRI stock shows that the average analyst price target is higher than the current levels. This penny stock has a potential increase of over 55% from where the YRI shares were trading at the end of May.
Gold Penny Stock to Watch #2 RosCan Gold Corporation (ROS.V)
As popularity grows surrounding gold penny stocks, Canadian gold stocks are in direct focus. RosCan Gold Corporation (ROS Stock Report) has climbed by more than 40% within just the last week. The company’s latest news has triggered a flurry of attention on this junior gold miner. Why?
RosCan reported positive assay results from both its diamond drilling and air core drilling programs at its Kandiole Project in Mali, West Africa. The importance of this locale is that West Africa has become a huge region of interest for some major gold companies. Some key highlights include:
|In hole ACMan 19-167||5.86 g/t Au over 26.0 m (incl. 9.44 g/t Au over 10.0 m)|
|In hole ACMan 19-168||3.74 g/t Au over 30.0 m (incl. 6.73 g/t Au over 6.0 m)|
|In hole DDH 19-04||8.63 g/t Au over 10.0 m (incl. 11.48 g/t Au over 7.0 m)|
|In hole DDH 19-03||6.53 g/t Au over 5.0 m (incl. 10.09 g/t Au over 3.0 m)|
|In hole DDH 19-03||5.56 g/t Au over 3.0 m (incl. 7.14 g/t Au over 2.0 m)|
|In hole DDH 19-08||3.45 g/t Au over 10.0 m (incl. 6.76 g/t Au over 3.0 m)|
“Our land package has great potential and we are extremely encouraged by the hits we are seeing on the Mankouke permit….The drilling around the Mankouke discovery shows that a strong mineralization system exists and is alive. “Greg Isenor, President and CEO of Roscan Gold
Gold Penny Stock #3: New Gold Inc. (NGD.TO)
New Gold Inc (NGD Stock Report) is an intermediate gold mining company with operations in the New Afton Mine in Canada, the Mesquite Mine in the United States, and the Cerro San Pedro Mine in Mexico. New Gold also owns 100% of the Rainy River and Blackwater projects in Canada. In addition, it holds a minority stake in the gold stream on the El Morro project in Chile. The New Afton Mine is the largest division, contributing roughly 50% of group revenue.
New Gold stock has jumped immensely over the last month. Since June 19, NGD stock price has climbed from $0.88 to as high as $2.03 this month. New developments have also helped trigger momentum for the gold stock. The progress made on the Rainy River shows production is on track to meet annual guidance of between 250,000 and 275,000 gold equivalent ounces. This joins the list of penny stocks to watch this month in the gold industry.
Gold Penny Stock #4: Fortuna Silver Mines Inc. (FVI.TO)
Fortuna Silver Mines Inc (FVI Stock Report) is a precious metals producer. Its business operations are comprised of mining and related activities in Latin America. This includes the exploration, extraction, and processing of silver-lead, zinc, and silver-gold. It also includes the sale of these products. The company operates the Caylloma silver, lead, and zinc mine in southern Peru. It also operates the San Jose silver, gold mine in southern Mexico. Fortuna Silver is developing the Lindero Gold Project in northern Argentina.
FVI opened at $3.25 on June 11 and just hit fresh highs of $5.30 this week. Analysts predict that FVI will post 0.12 earnings per share for the current year. Fortuna Silver Mines is doing well due to their production figures, producing over 2 million ounces of silver as well as 13,500 ounces of gold plus base metal by-products.
Gold Penny Stock #5: Northern Dynasty Minerals Ltd. (NDM.TO)
Northern Dynasty Minerals Ltd (NDM Stock Report) is a Canadian mineral exploration company. Its core asset is the Pebble Project located in Alaska, USA. The Pebble project is seeking to develop a significant deposit of copper, gold, molybdenum, and silver into a modern mining operation.
In the previous trading session, Northern Dynasty Minerals saw a recent price move to highs of $0.82. This was from a low $0.60 earlier in the month. It will be interesting to see if NDM will continue to gain or lose momentum in the coming months.